Stockmann mulls changing name to Lindex

The Board of Directors of Stockmann plc proposed that the name of Stockmann plc would be changed to Lindex Group plc, said the company in a press release on Friday.

In Finnish the new name is proposed to be Lindex Group Oyj and in Swedish Lindex Group Abp.

The possible name change would not affect Stockmann’s department stores or online store, which would continue to operate under the Stockmann brand.

Furthermore, the Lindex fashion stores and online store would continue under the current Lindex brand.

“The proposed name change would better reflect the Lindex division’s strengthened role in the Group’s business. In 2023, Lindex represented two thirds of the Group's revenue and generated an adjusted operating result of over EUR 90 million. Lindex has had a fundamental role in improving the Group’s performance in recent years, which is reflected in the strategic refocus of the Group's business on Lindex, as announced last September,” said Sari Pohjonen, Chair of Stockmann’s Board of Directors.

“It is important to note that a proposed change of the parent company name would not impact the iconic Stockmann department store brand, the names of Stockmann department stores or the online store,” Pohjonen added.

The proposed name change is subject to a decision by Stockmann plc shareholders at the Annual General Meeting on 21 March 2024 and to the registration of the change of business name in the Finnish Trade Register.

On 25 September 2023, Stockmann plc’s Board of Directors decided to initiate a strategic assessment to crystallise shareholder value by refocusing the Group's business on Lindex.

As part of the strategic assessment, Stockmann plc continues to investigate strategic alternatives for the Stockmann Department Stores business. Stockmann expects the strategic assessment to be finalised during 2024.